The Insurance Council of Australia (ICA) has partnered with James Cook University (JCU) to design a new engineering inspection scheme for North Queensland strata-title properties.

ICA and JCU were encouraged to create a new inspection scheme after an independent study from JCU. The institute’s research revealed North Queensland properties would benefit from regular engineering inspections to ensure they remain resistant to future extreme weather events.

The new scheme is also expected to improve understanding of how buildings might hold up during these natural disasters.

“Designing an inspection scheme is a logical next step toward helping strata owners and strata managers address vulnerabilities that may exist with their buildings and reduce preventable damage,” ICA Chief Executive Officer Rob Whelan said in a February 19 media release.

The engineering inspection process would include investigating and reporting on any specific building issues that could lead to extreme weather damage on strata-title property, identifying methods to address any detected vulnerabilities and preparing a report for the consideration of the body corporate.

Strata-title property owners can then use this report to take appropriate action to mitigate the risk of weather damage. Additionally, strata owners and managers could present the inspection article to their insurer to potentially obtain reductions in premiums if the report found few vulnerabilities.

“Once {the engineering inspection scheme} been developed, governments can then consider adopting the scheme to assist strata owners and managers identify and potentially manage vulnerabilities to their buildings in regions exposed to extreme weather, such as cyclones,” Mr Whelan said.

If you own strata or community title property in North Queensland or other areas in Australia, it is important that you ensure you hold a comprehensive insurance policy to protect your investments.

MGA Insurance Brokers have been a Body Corporate Insurance industry leader for more than 20 years and can offer you the best options for your strata & community title insurance needs and requirements.